Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF)) is pleased to report the discovery of a significant new zone of precious metal mineralization at the Trap target as part of its Guayabales Project in Caldas, Colombia. Today’s results from two diamond drill holes are interpreted to have intercepted the upper portions of a porphyry system which is overprinted by late-stage carbonate base metal sheeted vein zones. Trap is located approximately 3.5 kilometres along the molybdenum soil trend to the northeast of the Apollo porphyry system and is now the second major porphyry discovery made at the Guayabales Project.
Highlights (see Table 1 and Figures 1-4)
Ari Sussman, Executive Chairman commented: “When one steps back and thinks about the multiple discoveries we have made at our Guayabales Project and the geological relationship to the multi-million ounce Marmato mine next door, it is clear that we are onto a new emerging large-scale metals district and must remain aggressive with exploration. It is not every day that a company drills such significant intercepts from surface into a newly generated target. We are excited to resume drilling in the coming days at Trap as we embark on a quest to understand the potential of the discovery.”
Table 1: Assay Results for TRC-2 and TRC-3
Hole # | From (m) |
To (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Mo (%) |
AuEq (g/t*) |
TRC-2 | 19.50 | 665.50 | 646.00 | 0.71 | 6 | 0.02 | 0.001 | 0.81 |
incl | 19.50 | 321.00 | 301.50 | 0.84 | 7 | 0.04 | 0.003 | 1.01 |
and incl | 385.60 | 477.30 | 91.70 | 0.96 | 4 | – | – | 1.00 |
TRC-3 | 86.80 | 246.55 | 159.75 | 0.69 | 15 | 0.07 | 0.004 | 1.04 |
Incl | 188.00 | 235.00 | 47.00 | 1.68 | 28 | 0.12 | 0.003 | 2.25 |
and | 359.35 | 432.05 | 72.70 | 0.61 | 6 | 0.04 | 0.003 | 0.77 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%) x 11.62 x 0.85) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz, Mo – US$25/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum and silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades are uncut. |
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
Qualified Person and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Figure 1: Long Section of the 4.5 Kilometre Porphyry Trend at the Guayabales Project, Highlighting the Discovery Holes at Trap (CNW Group/Collective Mining Ltd.)
Figure 2: Core Photo Highlights from Drill Hole TRC-2 (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Trap Target and Drill Holes Announced in This Release (CNW Group/Collective Mining Ltd.)
Figure 4: Plan View of the Guayabales Project Highlighting the Trap Target Area (CNW Group/Collective Mining Ltd.)
Hole 17 intersects 303m of 0.75 gpt gold and 0.10% copper Hole 18 inters... READ MORE
Lion Rock Resources Inc. (TSX-V: ROAR) (FSE: KGB) is pleased to a... READ MORE
Americas Gold and Silver Corporation (TSX: USA) (NYSE American: U... READ MORE
Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) (FSE: FE0) ... READ MORE
Maritime Resources Corp. (TSX-V: MAE) (OTC Pink: MRTMF) is please... READ MORE